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Office of State Finance - January 2011 Revenue Collections Above Prior Year, Estimate
file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/January_2011_Revenue_Collections_Above_Prior_Year,_Estimate.html[9/21/2012 10:00:11 AM]
Office of State Finance
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Home / News / January 2011 Revenue Collections Above Prior Year, Estimate
News Release
PRESTON L. DOERFLINGER
Secretary of Finance and Revenue
OSF Director
MARY FALLIN
Governor
Feb. 14, 2011
For Immediate Release
Media Contact:
RON JENKINS
Media Advisor
Oklahoma Office of State Finance
(405) 521-3267
JANUARY REVENUE COLLECTIONS ABOVE PRIOR YEAR, ESTIMATE
OKLAHOMA CITY — Consumer spending jumped again in Oklahoma in January, helping General Revenue Fund collections to
surpass last year’s receipts for the month by $79.9 million and the estimate by $23.9 million, Office of State Finance Director
Preston Doerflinger announced Monday.
"Sales tax collections have now exceeded the estimate for 7 months in a row, a leading indicator the state is trying to shake
off the effects of the long recession," said Doerflinger, Secretary of Finance in Gov. Mary Fallin’s cabinet.
"There is evidence of pent-up demand and optimism by Oklahoma consumers after a period of household belt-tightening," he
said, pointing to a spike in motor vehicle taxes.
With sales taxes and motor vehicle taxes leading the way, preliminary reports show General Revenue Fund collections totaled
$490.3 million in January which began the second half of the current fiscal year. That amount was:
$79.9 million or 19.5 percent above the same month one year ago; and
$23.9 million or 5.1 percent above the estimate for the month.
"This is good news for our state but we need to continue to find ways to streamline operations and make government more
efficient and more effective, regardless of the revenue picture," Governor Fallin said. "We also need to continue our focus on
job creation and growing our economy so we can continue to bring more opportunities here for working Oklahomans and
bolster state revenues," she added.
The preliminary report from OSF showed total General Revenue Fund collections are $2.855 billion, $92.1 million or 3.3
percent above the estimate for the first 7 months of the fiscal year and $245.7 million or 9.4 percent above prior year
collections for this same period of time.
General Revenue Fund collections for major tax categories in January were:
Income taxes -- This source yielded $208.8 million in January for the FY-2011 General Revenue Fund, which was $16.3
million or 8.5 percent more than prior year collections from individual and corporate income taxes and $5.7 million or 2.8
percent above the estimate for revenues from the same sources.
Individual income tax receipts of $193.8 million were $5.6 million or 3.0 percent above the prior year and $2.5 million less or
1.3 percent below the estimate. Corporate returns totaled $15 million for the month which was $10.8 million or 260.2 percent
more than prior year collections and were $8.2 million or 121.8 percent above the estimate.
Sales tax -- Sales Tax collections produced $147.8 million for the General Revenue Fund, $17.3 million or 13.2 percent more
than the prior year and $10.6 million or 7.7 percent above the estimate.
Gross production tax -- The January taxes on natural gas and gross production oil accounted for $57 million in General
Revenue Fund receipts, which was $22.3 million or 64.3 percent above the prior year and $10.7 million or 23.1 percent above
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Office of State Finance - January 2011 Revenue Collections Above Prior Year, Estimate
file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/January_2011_Revenue_Collections_Above_Prior_Year,_Estimate.html[9/21/2012 10:00:11 AM]
Office of State Finance
Share | Print
Home / News / January 2011 Revenue Collections Above Prior Year, Estimate
News Release
PRESTON L. DOERFLINGER
Secretary of Finance and Revenue
OSF Director
MARY FALLIN
Governor
Feb. 14, 2011
For Immediate Release
Media Contact:
RON JENKINS
Media Advisor
Oklahoma Office of State Finance
(405) 521-3267
JANUARY REVENUE COLLECTIONS ABOVE PRIOR YEAR, ESTIMATE
OKLAHOMA CITY — Consumer spending jumped again in Oklahoma in January, helping General Revenue Fund collections to
surpass last year’s receipts for the month by $79.9 million and the estimate by $23.9 million, Office of State Finance Director
Preston Doerflinger announced Monday.
"Sales tax collections have now exceeded the estimate for 7 months in a row, a leading indicator the state is trying to shake
off the effects of the long recession," said Doerflinger, Secretary of Finance in Gov. Mary Fallin’s cabinet.
"There is evidence of pent-up demand and optimism by Oklahoma consumers after a period of household belt-tightening," he
said, pointing to a spike in motor vehicle taxes.
With sales taxes and motor vehicle taxes leading the way, preliminary reports show General Revenue Fund collections totaled
$490.3 million in January which began the second half of the current fiscal year. That amount was:
$79.9 million or 19.5 percent above the same month one year ago; and
$23.9 million or 5.1 percent above the estimate for the month.
"This is good news for our state but we need to continue to find ways to streamline operations and make government more
efficient and more effective, regardless of the revenue picture," Governor Fallin said. "We also need to continue our focus on
job creation and growing our economy so we can continue to bring more opportunities here for working Oklahomans and
bolster state revenues," she added.
The preliminary report from OSF showed total General Revenue Fund collections are $2.855 billion, $92.1 million or 3.3
percent above the estimate for the first 7 months of the fiscal year and $245.7 million or 9.4 percent above prior year
collections for this same period of time.
General Revenue Fund collections for major tax categories in January were:
Income taxes -- This source yielded $208.8 million in January for the FY-2011 General Revenue Fund, which was $16.3
million or 8.5 percent more than prior year collections from individual and corporate income taxes and $5.7 million or 2.8
percent above the estimate for revenues from the same sources.
Individual income tax receipts of $193.8 million were $5.6 million or 3.0 percent above the prior year and $2.5 million less or
1.3 percent below the estimate. Corporate returns totaled $15 million for the month which was $10.8 million or 260.2 percent
more than prior year collections and were $8.2 million or 121.8 percent above the estimate.
Sales tax -- Sales Tax collections produced $147.8 million for the General Revenue Fund, $17.3 million or 13.2 percent more
than the prior year and $10.6 million or 7.7 percent above the estimate.
Gross production tax -- The January taxes on natural gas and gross production oil accounted for $57 million in General
Revenue Fund receipts, which was $22.3 million or 64.3 percent above the prior year and $10.7 million or 23.1 percent above
FAQs Contact OSF-Alerts CORE Calendar RSS Feeds
AdministrationInformation
Services
Budget Comptroller CORE OSF Forms Recovery News Careers